2425 Care Service
- Sep 27, 2025
- 1 min read
With day care (daytime nursing care) as its main business, the company also offers home bathing, home nursing care, and welfare equipment rental. Another pillar of the company's Angel business is providing services such as funeral bathing and makeup for the deceased.
Founded in 1970 as a business that disinfects and dries bedding for bedridden elderly people, the company began providing nursing care services in 1983. While its nursing care bases are based on a dominant strategy within Tokyo's 23 wards, it has expanded into the western region since 2011. It has been active in M&A, acquiring the home bathing business from Yasashii Te in 2018 and making Hidamari, which provides in-home nursing care, a subsidiary in 2020.
The Angel business is accelerating its nationwide expansion. The company also had a presence in Shanghai, China, but withdrew from the business in March 2013.
"It’s hovering just above TBV (1.1 ratio) … NCAV ratio is also 1.4.
But the EV/5Y FCF ratio looks nice, at 3.6.
Looks like 40%-50% upside to fair value left (based on my calcs).
Business: Japan elder-care operator, day services, home-visit care/bathing, small-scale multi-function care, equipment rental, plus “Angel Care” and housing with care.
Japan's demographics give this a tailwind imo… Quite an interesting one.
The market seems to be fretting over labour intensity, reimbursement caps, and receivables, so it applies a “no growth” label.
But with cash-rich current assets (55% cash; 43% receivables) and steady FCF, you get owner earnings at a discount and catalyst attraction from any utilisation uptick, mix improvement, or incremental payout discipline."
https://x.com/mr_deepvalue/status/1970175258192945513
at 811 yen/share, 3.4 bil yen mkt cap vs 2 bil yen net cash
7.49x per / 1.08x pbr / 2.71% yield